Bitcoin traded close to a three-week high, though rising geopolitical tensions between the U.S. and Iran curbed momentum from Tuesday’s softer-than-expected inflation data.
Bitcoin (BTC) at $65,260 and ether (ETH) moved in a narrow range خلال Asian and European sessions after gaining on weaker U.S. inflation figures.
While bitcoin remained up more than 3% over the past day, it dipped 0.6% since midnight UTC as concerns escalated over tanker activity in the Strait of Hormuz. Earlier, it reached a three-week peak near $65,200.
Ether showed a similar pattern, holding a 5% 24-hour gain despite slipping 0.8% since midnight. It climbed to $1,895 on Tuesday, its highest level since June 3.
U.S. stock futures also edged higher, with Nasdaq 100 futures up 0.53% and S&P 500 futures gaining 0.22%.
Altcoins displayed pockets of strength, with PUMP jumping 8.5% since midnight as investors absorbed a token unlock, signaling strong demand.
Derivatives positioning
Bitcoin derivatives activity remained largely steady. Open interest rose slightly to $17.3 billion, though the change was minimal. The three-month annualized basis held at 3.8%, and funding rates stayed within a 0%–8% annualized range across platforms, indicating continued consolidation.
Options markets leaned more bullish, with the 24-hour call-to-put ratio improving to 66/34 from 58/42. The one-week delta skew stayed near 15%. Meanwhile, the at-the-money term structure remained in contango, with near-term implied volatility around 32%–33% and longer-term levels near 42.5% through mid-2027—suggesting a stable environment with a slight upside bias.
According to Coinglass, total liquidations reached $357 million over 24 hours, with 81% coming from short positions and 19% from longs. Ethereum led with $132 million in liquidations, followed by bitcoin at $118 million. Binance’s liquidation heatmap highlights $63,500 as a key downside level to watch.
Token trends
CoinMarketCap’s Altcoin Season Index slipped to 46/100, reflecting the stronger performance of bitcoin and ether relative to other tokens.
WLFI declined about 1% since midnight, weighing on the index despite broader market resilience.
Hyperliquid (HYPE) continued to show strength, gaining 4% and extending its uptrend marked by higher highs and higher lows, with the next target seen above $78.
In contrast, LIT—HYPE’s competitor—lost momentum after a strong run, rising just 0.5% as traders took profits near its all-time high of $2.76.
Zcash (ZEC) also stood out, surging more than 10% in the past 24 hours before stabilizing around $557.
